Tax Rebate Questions

April 7, 2008

 

Rebate Questions

 

I go to the IRS website at least once a week because someone is always asking questions I’d never thought of before. Sure enough, the answer is almost always there. And then, last week I read an article on how to get your rebate faster. Lo and behold there was something I had missed that would directly affect me!

 

My husband and I will pay this year; no tax refund for us. Like many in our position we will be mailing our taxes on April 15th—holding on to our money as long as we can. But this year we will still include our checking account information so that our rebate will be deposited directly into our bank account. Voila! Some of the sting from paying taxes out-of-pocket this year will be removed because we’ll get that rebate money into our account a lot faster.

 

Here are the answers to questions I’m asked most frequently:

 

Eligible Child: If your child turns 18 anytime during 2007, you won’t get a check for him or her.

 

Federal Benefits: Good news! Stimulus payments will have no effect on eligibility for federal benefits.

 

Taxpayer ID Numbers: Bad news. In this case, nothing is as good as a Social Security number. No Social Security number—no check.

 

Direct Deposit: Yes! The safest and fastest way to get your check is to have it directly deposited into your bank account. Just fill out the direct deposit line on your tax return even if you won’t be getting a return.

 

Usually Don’t Have to File a Return? This year you have to file a form 1040A. If you don’t, you won’t receive your rebate. It’s easy to complete and available online or where other tax forms are found.

 

Want to read the most current and complete information about rebate checks? Just go to www.irs.gov. The site is user friendly—very easy to navigate. You’ll find what you need to know in seconds.